Morningstar

T. Rowe Price New Income Fund Advisor Class PANIX

Morningstar Medalist Rating
Medalist Rating as of | See T. Rowe Price Investment Hub
  • NAV / 1-Day Return 7.52  /  −0.27 %
  • Total Assets 16.9B
  • Adj. Expense Ratio
    0.920%
  • Expense Ratio 0.920%
  • Distribution Fee Level High
  • Share Class Type No Load
  • Category Intermediate Core Bond
  • Credit Quality / Interest Rate Sensitivity Medium/Moderate
  • Min. Initial Investment 2,500
  • Status Open
  • TTM Yield 4.08%
  • Effective Duration 5.83 years

USD | NAV as of Oct 03, 2026 | 1-Day Return as of Oct 03, 2026, 12:11 AM GMT+0

Morningstar’s Analysis PANIX

Will PANIX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable PANIX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the PANIX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of PANIX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Manager departure brings further uncertainty.

Associate Analyst River Meng

River Meng

Associate Analyst

Summary

T. Rowe Price New Income is on less steady footing following comanager Christopher Brown’s Feb. 19, 2026, departure, which drops the strategy’s People Pillar to Below Average from Average.

by River Meng
Rated on Published on

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Portfolio Holdings PANIX

More PANIX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 11.4
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

T. Rowe Price Gov. Reserve

3.95 691M
Cash and Equivalents

United States Treasury Bonds 4.5%

2.05 358M
Government

United States Treasury Notes 3.75%

1.62 283M
Government

United States Treasury Notes 4%

1.61 282M
Government

United States Treasury Notes 4.625%

1.49 261M
Government

United States Treasury Bonds 4.25%

1.42 249M
Government

Federal National Mortgage Association 2%

1.24 216M
Securitized

United States Treasury Bonds 4.375%

1.21 213M
Government

United States Treasury Notes 4.375%

1.16 203M
Government

United States Treasury Bonds 4%

1.07 188M
Government

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